当前，中国经济下行压力逐步增大，供给侧结构性改革也受到影响。首先，在金融 机构监管趋严的背景下，金融机构相对提高了项目贷款准入门槛和审批标准，企业再融 资受到一定影响，债券、信托、委贷等产品不能按期偿还本息，债务主体呈现出全方位 信用风险。其次，近几年财政部门对地方违规举债问题进行清理，政府信用项目违约事 件时有发生，使得原本隐藏的风险暴露出来，部分企业流动性风险积聚，甚至可能导致 行业金融风险的产生。因此，社会上便出现贷款、票据等债务不能按期偿付，资产低效 或无效运营，经营情况出现异常，财务状况出现异常，意外、突发事件引致的暂时性困 难，以及企业管理失效等经营情况困难的问题企业。 本文对金融资产管理公司开展问题企业重组、盘活和价值提升的研究，是问题企业 的迫切需求。问题企业反思其失败的原因和过程，有助于问题企业内部管控治理能力的 提升。问题企业重组业务作为金融资产管理公司服务供给侧结构性改革，回归不良资产 管理主业服务实体经济，体现其金融救助和逆周期功能的核心业务。通过问题企业重组 业务的开展，虽然自身也面临了不少风险问题，但是也提高了风险管理和控制能力，特 别是在经济下行期间展现了更好服务经济发展的能力，更好体现了金融资产管理公司的 社会责任，促进了经济社会的健康可持续发展。 本文以H资产管理公司参与重组的K企业为案例，介绍了金融资产管理公司有关问 题企业重组业务，剖析了H资产管理公司开展问题企业重组业务的现状和具体细节，指 出了问题企业重组业务存在的主要问题，提出了开展问题企业重组风险控制的对策建 议。这些建议对于指导金融资产管理公司顺利开展问题企业重组业务具有一定的参考价 值。 关键词：金融资产管理公司;问题企业重组;风险控制 II RESEARCHONTHERISKCONTROLOFHASSETMANAGEMENT COMPANY’SPROBLEMENTERPRISEREORGANIZATIONBUSINESS ABSTRACT Atpresent,China'seconomicdownwardpressureisgraduallyincreasing.Inthiscontext, progressinsupply-sidestructuralreformshasalsobeengreatlyaffected.Firstofall,underthe backgroundofstrictsupervisionoffinancialinstitutions,theentrythresholdandapproval standardsofprojectloansareconstantlyimproving.Asaresult,corporaterefinancinghas beenaffected.Bonds,trusts,loansandotherproductscan’trepaytheprincipalandintereston time,themainbodyofdebtpresentsafullrangeofcreditrisk.Secondly,inrecentyears,the financialdepartmentonthelocalillegaldebtproblemspree,resultingingovernmentcredit defaultincidentsoccur.Thehiddenrisksareexposed,andsomeenterprises'liquidityrisks accumulate,eventriggeringindustryorregionalfinancialrisks.Basedonthesecircumstances, thereisaconstantsituationinthecommunitywherecorporateloans,billsandotherdebts cannotbepaidontime.Inefficientorineffectiveoperationsofcorporateassets.Orthe company'soperatingconditions,financialsituationisabnormal.Someenterprisesmayalso havetemporarydifficultiesarisingfromaccidents. Inthispaper,Financialassetmanagementcompaniestocarryoutresearchondifficult enterprisesistheurgentneedofrescueenterprises.Theresearchcontentmainlyincludeshow torestructure,andenhancethevalueoftheproblementerprises.Reflectiononthecausesand processesofthefailureoftheproblementerpriseisconducivetotheimprovementofthe internalcontrolandgovernanceabilityoftheproblementerprise.Thedevelopmentofthe reorganizationbusinessoftheproblementerprisewillhelpthefinancialassetmanagement companytoservetherealeconomyandreturntothemainbusinessofnon-performingassets management.Itisthecorebusinessoffinancialrescueandcounter-cyclicalfunctionof enterprises.Financialassetmanagementcompanieshelptroubledenterprisestocarryout restructuringbusiness,althoughtheywillfacethecorrespondingrisks,butalsotherisk III managementandcontrolabilityofthetestandpromotion.Especiallyinthecontextofthe economicdownturn,thefinancialassetmanagementcompaniestoservetheeconomic developmentcapacity.Thisreflectsthesocialresponsibilityandvalueoffinancialasset managementcompanies.Itsexistencehaseffectivelypromotedthehealthyandsustainable developmentofeconomyandsociety. ThispapertakesHassetmanagementcompanyparticipatinginKenterprise restructuringasacase，introducestherestructuringbusinessoffinancialassetmanagement companies.analyzesthestatusandspecificdetailsofHassetmanagementcompany's carryingoutthebusinessofenterpriserestructuring,pointsoutthemainproblemsof enterpriserestructuring,issuecorporaterestructuringisputforwardcountermeasuresand Suggestionsofriskcontrol.Thesesuggestionshavesomereferencevaluetoguidethe financialassetmanagementcompanytocarryoutthereorganizationbusinessoftheproblem enterprisesmoothly. KEYWORDS：FinancialAssetManagementCompany;ProblemEnterprise ReorganizationBusiness;RiskControl IV 目录 摘要.............................................................................................................................................I ABSTRACT...................................................................................................................................II 目录...........................................................................................................................................IV 第一章绪论.............................................................................................................................1 1.1研究背景与研究意义..................................................................................................1 1.1.1研究背景...........................................................................................................1 1.1.2研究目的与意义...............................................................................................2 1.2文献综述......................................................................................................................3 1.2.1国外研究综述...................................................................................................3 1.2.2国内研究综述...................................................................................................4 1.2.3文献评述及本文努力方向...............................................................................5 1.3研究的内容及方法......................................................................................................6 1.3.1研究内容...........................................................................................................6 1.3.2研究方法...........................................................................................................6 1.4本文研究的技术路线及主要创新之处......................................................................7 1.4.1本文研究的技术路线.......................................................................................7 1.4.2主要创新之处...................................................................................................7 第二章相关理论基础.............................................................................................................9 2.1金融资产管理公司业务内涵及外延..........................................................................9 2.1.1相关概念界定...................................................................................................9 2.1.2问题企业重组内涵及特点.............................................................................10 2.2金融资产管理公司风险控制相关理论....................................................................12 2.2.1资产定价理论.................................................................................................12 2.2.2资产评估理论.................................................................................................13 2.2.3压力测试理论.................................................................................................13 2.3相关理论对本文研究的启示....................................................................................13 第三章H资产管理公司问题企业重组风险控制现状及存在问题......................................15 3.1H资产管理公司简介.................................................................................................15 V 3.1.1H金融资产管理公司发展历程......................................................................15 3.1.2H金融资产管理公司的经营现状..................................................................16 3.2H资产管理公司问题企业重组业务分析............................................